Case Study
Intaking customer applications for annuity contracts
Results
Scale
Eliminated manual data processing
Better
Improved data quality
Speed
Faster delivery to underwriting
Company Profile
Major North American religious-affinity fraternal benefit society, provides life insurance, annuities, long-term care, and disability income exclusively to its members and their families through a captive agent force. Tens of billions in life insurance in force, top-tier A.M. Best ‘Superior’ rating, and recognized for industry-leading ethics. Members contribute hundreds of millions annually to charitable causes.
Challenge
The insurer uses an online eApp form to intake new annuity purchases. While the form data is loaded automatically into their case management system, the operations team still needed to manually enter the application data into multiple legacy policy admin platforms. This process was inefficient and prone to errors. Leadership sought a faster and more accurate way to process application submissions that could be quickly deployed.
Solution
The automation monitors the case management system for new policies. It extracts the details and uses business rules to transform and standardize policy application data (e.g., type, payment plan, address). It then loads the information into the target administration platform for underwriting. This eliminates the manual data entry between the case management and insurance policy admin platforms. It then generates and emails MI operational reports for completed cases, exceptions, and policy statistics.
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